39-71-2504. Workers' compensation bond repayment account. (1) There is a workers' compensation bond repayment account in the enterprise fund.
     (2) All collections of the tax imposed under 39-71-2503 and the interest and penalties on the tax must, in accordance with the provisions of 15-1-501, be deposited in the workers' compensation bond repayment account. All money deposited in the workers' compensation bond repayment account must be retained in the account to the extent necessary to pay the principal of and the redemption premium and interest due on workers' compensation bonds issued under 39-71-2354 and 39-71-2355 and to establish and maintain a reserve for the bonds equal to the maximum annual principal of and interest on the bonds in any future year. The balance in the workers' compensation bond repayment account is statutorily appropriated, as provided in 17-7-502, to the state fund to be used to reduce the unfunded liability in the state fund incurred for claims for injuries resulting from accidents that occurred before July 1, 1990.

     History: En. Sec. 4, Ch. 664, L. 1987; amd. Sec. 10, Ch. 9, Sp. L. June 1989; amd. Sec. 17, Ch. 4, Sp. L. May 1990; amd. Sec. 8, Ch. 797, L. 1991; amd. Sec. 33, Ch. 455, L. 1993; amd. Sec. 6, Ch. 637, L. 1993; amd. Sec. 47, Ch. 18, L. 1995; amd. Sec. 50, Ch. 509, L. 1995.